Good morning! As the market inches along, volume continues to decline. Over the last week and a half, it was only on Thursday that we saw much for a decent intraday move. While volume was a bit heavier on that day, it was still nothing substantial and has dropped off a great deal going into this new week. The day began on Monday with a pretty flat open. Although we did get a bit of upside for the first 45 minutes of the day, by the 10:15 ET reversal period the market was putting in a pivot high and turning back over. It was only the Dow Jones Ind. Ave. that even showed a decent pattern on the 5 minute charts with a small cup with handle shortly after 10:00 ET. As the NASDAQ hit resistance from Friday morning's congestion, however, all three indices fell back into the middle of the day's range once more.

The market headed slightly lower from mid-morning going into the early afternoon. Nevertheless, there weren't any strong 15 minute patterns to lead it. Risk in the market as a whole remained high throughout the session, particularly for index traders, since there was simply not enough movement to generate much reward versus the risk on the patterns that did form.

The 13:00 ET reversal period held well, as had the morning reversal periods. These helped aid in the timing of the market pivots intraday, although the 13:00 ET pivot also held prior lows in the Dow intraday. This move continued into the 14:00 ET reversal period which hit at about the same time the market retested the upper end of its range. We saw a bit of divergence again from that point on where the NASDAQ formed a 5 minute Phoenix and the Dow formed a 5 minute Avalanche. The Dow went first, but held prior lows before triggering the NASDAQ's Phoenix in the last half hour of the day. Like the earlier patterns, it wasn't able to put in much of a move before the close.

Not much has changed for my view on the market since yesterday. We remain at strong resistance from prior weekly and monthly highs, but we still are not seeing any strong reversal patterns on the larger intraday time frames to lead to a breakdown. I am just waiting for the market to start to show some sort of bias intraday with the pace in the range favoring one end over the other. We do have a number of economic reports coming out this week, starting with the PPI and retail sales on Tuesday. An unexpected outcome from these could be enough to break this range.

Economic Reports and Events
Nov. 15: Core PPI for Oct. (8:30 am), NY Empire State Index for Nov. (8:30 am), PPI for Oct. (8:30 am), Retail Sales for Oct. (8:30 am), Retail Sales ex-auto for Oct. (8:30 am)
Nov. 16: Business Inventories for Sep (8:30 am), Core CPI for Oct. (8:30 am), CPI for Oct. (8:30 am), Net Foreign Purchases (9:00 am), Crude Inventories 11/11 (10:30 am)
Nov. 17: Building Permits fr Oct. (8:30 am), Housing Starts for Oct. (8:30 am), Initial Claims 11/12 (8:30 am), Capacity Utilization for Oct. (9:15 am), Industrial Production for Oct. (9:15 am), Philadelphia Fed for Nov. (12:00 pm)
Nov. 18: Leading Indicators for Oct. (10:00 am)
Nov. 21: -
Nov. 22: Existing Home Sales for Oct. (10:00 am), FOMC Minutes (2:00 pm)

Earnings Announcements of Interest
Only stocks with an average daily volume of 500K+ are listed. List may not be complete so be sure to always check your stocks' earnings dates before holding a position overnight. (A) = Earnings after the close, (B) = Earnings before the open, (?) = Earnings time not specified at the time of this writing
Nov. 15: ANF (A), AEOS (B), ADI (A), ARM (B), BJ (B), CNR (?), DKS (B), HMA (B), HD (B), JCP (?), LZB (A), ROST (B), SPLS (B), TJX (B), VOD (?)
Nov. 16: AMAT (4:30 am ET), CHRS (?), DHI (B), GLBL (?), HP (B), HOTT (4:00 pm ET), INTU (A), JLG (?), MW (A), NTAP (A), PETM (A), TLB (?), TYC (B), UGI (?)
Nov. 17: ARO (4:01 pm ET), ADSK (A), BKS (B), BEAS (A), CLE (06:00 am ET), FL (A), GPS (?), HRB (A), HPQ (?), KLIC (B), LTD (?), LTXX (A), MRVL (A), MSCC (A), JWN (?), PSS (?), SBUX (A), PLCE (B), DIS (?), WSM (B)
Nov. 18: ANN (B), CPWM (?)
Nov. 21: CPB (?), CBRL (?)
Nov. 22: ABS (?), CWTR (A), DE (?), DG (B), DLTR (B), HRS (?), MIK (A), OPSW (A), PETC (?)

Toni Hansen is President and Co-founder of the Bastiat Group, Inc., and runs the popular Trading From Main Street. She can be reached at Toni@tradingfrommainstreet.com.